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The acquisition significantly enhances Novartis's RNA capabilities, appealing to investors. Historically, similar deals have increased stock valuations substantially, such as Gilead's acquisition of Kite Pharma.
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Novartis is acquiring Avidity Biosciences for $12 billion in cash. The deal represents a 46.5% premium over Avidity's last closing price. This acquisition expands Novartis's portfolio in RNA-based therapies. Avidity's stock jumped over 40% due to the acquisition announcement. Dyne Therapeutics also rose significantly, benefiting from this acquisition.
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